Switching your mortgage to The Police Credit Union can be done at anytime however if you switch prior to your renewal date there may be additional costs involved.
Speak to your Financial Services Officer to find out more.
Why Should I Switch My Mortgage?
Most members switch their mortgage for different reasons but the most common reasons are to obtain a better interest rate or better terms and conditions. We allow switches from other Credit Unions and schedule A banks. Private and collateral mortgages are not eligible for switching and would need to be fully discharged resulting in additional fees.
Reasons to Switch With Us
1. We will provide you with a 120-day rate guarantee once you have signed your mortgage loan offer.
2. We will cover your mortgage switch fees (this will not include your prepayment penalty if breaking your mortgage early).
What We Need to Help You Switch
1. Written authorization to obtain a mortgage payout statement from your financial institution for the purpose of switching your mortgage.
2. Proof that your property taxes are up to date.
3. Proof of valid property insurance.
4. Confirmation of income, via letter of employment.
Costs Involved With Switching
1. Appraisal fee up to $325*.
2. Assignment and legal fees up to $500*.
3. Discharge fee to current lender up to $400.*
*Cost is covered only if a straight switch
Other Important Facts On Switches
Your mortgage amount and amortization period cannot change when you switch providers. If you want to make any changes you may talk to us about a mortgage refinance. Your current mortgage provider may charge you a prepayment penalty to switch your mortgage prior to your maturity date.
Switch your mortgage with us today!
Talk to one of our Financial Services Officers to get started
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